Refer to Table 4-7. What is the equilibrium hourly wage (W*) and the equilibrium quantity of labor (Q*)?
A) W* = $10.50; Q* = 1,180,000 B) W* = $10.50; Q* = 590,000
C) W* = $9.50; Q* = 570,000 D) W* = $11.50; Q* = 570,000
B
Economics
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Unequal pay that is caused by economic discrimination will be due to
A) a noneconomic factor. B) differences in the marginal revenue product. C) a monopolistic labor market. D) difference in human capital.
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Even when a market appears to be a monopoly, it can be contestable if there are many potential entrants.
Answer the following statement true (T) or false (F)
Economics